How to Open a Chinabank OFW Savings Account

Because you are an Overseas Filipino Worker, there is no doubt that you want to protect the money you have worked so hard to achieve. Opening a savings account is one of the more secure ways to store your money, as opposed to hiding it somewhere in your closet or putting it under your pillow. After all, if you’re already producing money, you should start investing it in something that would benefit you while still being safe. If you are currently resident in the Philippines and have a sizable quantity of savings, opening a bank account in the Philippines should be simple.

Many of you probably had the intention of opening a bank account in the Philippines when you were employed to work overseas as an Overseas Filipino Worker (OFW). Many people are still interested in opening a bank account but are confused where to do so. In this article, we will tell you how and where you may open a Chinabank OFW Savings Account in a secure atmosphere.

Image Credit: Chinabank.ph

What is Chinabank OFW Savings Account?

The Chinabank OFW Savings Account is designed specifically for Overseas Workers. It is a conventional bank account, a personal bank account, a savings account, and an investment product all in one.

You can keep your savings here without fear of overdrawing or having your money stolen. You won’t have to worry about that if you keep it in your Chinabank OFW Savings Account, which is protected from overdrafts and unlawful transfers.

If you’re not sure if this is for you, keep reading!

Features

The Chinabank OFW Savings Account is suitable for OFWs who are working abroad and want to save money in a convenient and hassle-free manner. This is a savings account in which you can earn interest on deposits. Here are some of its characteristics:

  • Initial deposit
    • ATM: P2,000
    • Passbook: P5,000
  • Maintaining balance
    • ATM: P2,000
    • Passbook: P5,000
  • Minimum balance to earn interest
    • ATM: P5,000
    • Passbook: P10,000
  • Interest rate:
    • 25% per annum, subject to 20% withholding tax

Who can open a Chinabank OFW Savings Account?

The Chinabank OFW Savings Account, as the name suggests, is available and is intended for overseas Filipinos. You can apply for this account online if you are a Filipino citizen working overseas and getting a paycheck in Philippine Pesos.

Other requirements include:

  • You must be 18 years old or above by the time your application is approved
  • You must have a valid passport from either the Philippines or any other country where you currently reside

Requirements needed in opening a Chinabank OFW Savings Account

  • Two (2) 1×1 ID Pictures
  • Original/s and clear copy/ies of at least one (1) of the following valid IDs*:
    • Passport
    • Driver’s License
    • Professional Regulations Commission (PRC) ID
    • National Bureau of Investigation (NBI) Clearance
    • Police Clearance
    • Postal ID
    • Voter’s ID
    • Barangay Certification
    • Government Service and Insurance System (GSIS) e-Card
    • Social Security System (SSS) Card
    • Senior Citizen Card
    • Overseas Workers Welfare Administration (OWWA) ID
    • Overseas Filipino Worker (OFW) ID
    • Seaman’s Book
    • Government Office and GOCC ID [e.g. Armed Forces of the Philippines (AFP), Home Development Mutual Fund (HDMF) IDs]
    • Certification from the National Council for the Welfare of Disabled Persons (NCWDP)
    • Department of Social Welfare and Development (DSWD) Certification
    • Integrated Bar of the Philippines ID
    • Company IDs issued by private entities or institutions registered with or supervised or regulated either by the BSP, SEC or IC
    • School ID, duly signed by the principal or head of the school (for students who are beneficiaries of remittances or fund transfers who are not yet of voting age)
    • *Please note that China Bank may require you to present additional IDs to establish and verify your identity.

Additional Requirements

  • For Aliens and Non-residents to establish residency and for positive identification
    • Passport
    • Alien Certificate of Registration / Immigrant Certificate of Registration (ACR/ICR)
    • Contract of employment (for citizens only)
    • For Business Name / Sole Proprietorship Accounts
    • Certificate of Registration of Business Name with DTI
    • Application for Registration with DTI
    • Special Power of Authority (SPA) if the signatory is other than the owner of the business
    • Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)
  • For Partnership Accounts
    • SEC Certificate of Registration
    • Articles of Co-Partnership
    • Partnership Resolution or Agreement duly notarized, designating the following:
    • China Bank as its depository bank
    • Authorized signatories
    • Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)
  • For Domestic Corporate Accounts
    • SEC Certificate of Filing Articles of Incorporation
    • SEC Certificate of Filing Articles of By-Laws
    • Articles of Incorporation and By-Laws
    • Board Resolution duly certified by the Corporate Secretary, designating the following:
    • China Bank as its depository bank
    • Authorized signatories Certificate of Tax Exemption / Preferential Tax Treatment (if exempt from withholding tax)
  • For Foreign Corporate Accounts The following documents authenticated by the Philippine Consul:
    • Articles of Incorporation
    • By-Laws
    • Board Resolution duly certified by the Corporate Secretary, designating the following:
    • China Bank as its depository bank
    • Authorized signatories
    • SEC License to do business/to operate in the Philippines

Where can I apply for Chinabank OFW Savings Account?

There are two ways to open a Chinabank OFW Savings Account. You are invited to visit any of the bank’s branches or call their customer care line.

You can also apply online, but you will need a printer and an active email account in order to print the application form.

The bank will send you an email with your account number and instructions on how to activate the account.

You will be able to begin adding funds to your new savings account once it has been set up and activated.

How to Open a Chinabank OFW Savings Account?

Step 1: Visit any Chinabank branch near you.

Step 2: Bring the following documents:

  • Passport valid for at least one year and with at least one blank page on which to affix the OCC or other employment certificate that may be required by Chinabank, if applicable
  • Overseas Contractor Certificate (OCC) or other employment certifications that may be required by Chinabank, if applicable
  • Passport-sized picture of yourself with your name clearly visible in front of white background on the left side of your head (you can download passport photo from this link). Please note that any picture for ID purposes must be taken against a white background and it should have no signs of red eye; otherwise, it may not be accepted by our staffs during application process. Also make sure you wear appropriate attire such as long pants/skirt/dress shirt with collar and decent footwear like clean slippers or shoes – NO SANDALS OR OPEN TOED SHOES ALLOWED!

Frequently Asked Questions

1. How much is the minimum deposit for a Chinabank OFW Savings Account?

To start a Chinabank OFW Savings Account, a minimum deposit of PHP5,000.00 is necessary.

2. What are the fees for a Chinabank OFW Savings Account?

To get started, you only need 5,000 pesos (approximately $100). Your account has no monthly service fees and no minimum balance requirement to remain active. Nonetheless, the following types of transactions will incur a fee:

  • ATM withdrawals at non-Chinabank ATMs: P50 per transaction
  • Overdraft protection: P100 per month
  • Statement copy request (monthly): P100

3. How is the Chinabank OFW Savings Account different from other bank accounts?

  • There is no minimum balance required. Unlike many other banking institutions, Chinabank does not require you to maintain a minimum balance in your account on a monthly basis. Regardless of the conditions, you have complete control over how much, or how little, of anything you keep at any one time.
  • Access to internet banking and the services provided by online banking. You don’t need to go to a bank to check your account balance or transfer money because you can accomplish both of those things online now.

4. How can I find the Chinabank branch nearest me?

Simply clicking on the following link will lead you to a page that lists the Chinabank locations nearest to you: https://chinabank.ph/locate_branch_atm.aspx

Tips on Opening a Chinabank Savings Account Online:

1. Research your Account Type

Before you open your very first bank account, you should spend some time getting acquainted with the several varieties of bank accounts that are available to you. Which form of bank account do you choose for your money: a checking account or a savings account? You never know, you might find that sampling a little bit of everything is enjoyable. It’s always good to be prepared for the unexpected. Regardless of which of the numerous accounts you choose to go with, you should make it a point to investigate the benefits and drawbacks of the others and compare them carefully. You are obligated by law to conduct an investigation into the condition of your finances at the present time and prepare the pertinent facts.

2. Learn how to keep your account up to date.

A variety of institutions, each with their own specific protocol, have developed deposit policies that are currently in existence. It is possible that you will not have immediate access to the funds while the deposit is being processed. If this occurs, please be patient. This is due to the length of time required for processing. You should seriously consider doing some additional research on this subject! In addition to this, there is a requirement for a “minimum balance,” which is a sort of limitation that is imposed by a wide variety of different kinds of financial organisations. If the amount in your account falls below that threshold, you may be liable to a fine or have the ability to use your debit card or ATM restricted. Alternatively, you may be able to do both of these things.

3. Inquire about the bank’s fees

There are a few considerations you need to make before you go ahead and open a bank account, so let’s get those out of the way first. Customers of some banks aren’t always immediately informed about the fees that their bank charges them since the bank doesn’t always inform them right away. Some examples of these expenses include costs associated with using ATMs, bank fees, overdraft fees, fees associated with maintaining a minimum balance, fees associated with maintaining a minimum usage or activity, and monthly or annual account fees. Among the other costs are fees for meeting a predetermined level of activity or utilisation. It’s possible that the total cost of all of these fees will build up really rapidly. You need to make yourself acquainted with these prices so that you won’t be taken aback when you receive your bill.

4. Don’t settle for the first bank you come across when opening an account.

You are not to open your first bank account with the first bank that comes to your mind. Instead, you are to create your account with a different bank. You have access to a significantly larger pool of alternatives. You have access to a wide variety of additional options from which to make your selection. It is suggested that you look into a few other possible banks or other financial institutions. You can obtain information from the many bank branches that you visit by doing nothing more than walking around to those branches. Research the bank that a member of your family, a close friend, or even a casual acquaintance has been using for a considerable amount of time. If the bank learns that you were referred to them by a client who has done business with them for a long time, they will almost certainly offer you further incentives.

5. Look for digital platforms

The capacity to carry out financial transactions over the internet is among the most helpful features that are made possible by the technologies that are available today. Even while the vast majority of financial institutions plan to provide this service, it is likely that some of them, namely selected ones, will choose not to. Get as much information as you can on this instrument, and get it examined out as soon as you can. Make this your first priority. The ability to pay bills and move money across accounts are just two of the many useful features that come standard with internet banking. Internet banking also comes with a variety of other helpful features that are built right in. When one is juggling a hectic day and a packed schedule, having the ability to conduct one’s banking online can be a very handy convenience to have. Even if you are unable to visit the bank as regularly as you would want, it is conceivable that you will still be able to effectively manage your funds. This is the case even though it may be more difficult for you to do so.

6. Weigh the Benefits

When opening your first bank account, there are a few things you should keep in mind. It is of the utmost importance to make inquiries concerning the benefits offered by a financial institution. The use of automated teller machines and debit cards, the issuance of free checks, and the elimination of the need for paper invoices are only some of the additional benefits offered by some financial institutions to their clientele in addition to the provision of free checking and savings accounts. Find out what services are provided by the financial institution you are considering working with before you make a commitment to doing business with them.

7. Take charge of your account

One of the most exasperating results that may arise in the world of finance is when the owner of an account does not have any control over that account. This is one of the most common situations. Bear in mind that as a young adult, it is required of you to bear responsibility for the decisions and acts that you take. Keep in mind that this is the case. Check balance is a task that demands you to apply your math skills, and it is a prerequisite that you learn how to do so in order to complete the work. Bring your cash register with you, as well as a debit card, if you have access to one, and make sure it is up to date. If you do not have access to a debit card, bring your cash register nevertheless. You should never be in the dark about how much money is in your account, and you should always have complete control over how that money is spent.

You can now easily open a bank account if you are an Overseas Worker, especially if you are using the salary you are earning abroad.

The procedure for opening a bank account in the Philippines has become significantly less complicated over the past few years, making it easy to do so even if you are currently employed outside of the nation.

Even if you are not a resident of the Philippines but would still like to open a bank account there, you will have no trouble doing so because there are many banks in the nation that are happy to work with customers who are not locals and welcome their business. Even if you are not a resident of the Philippines, you will have no trouble opening a bank account there. You may discover additional information about opening a bank account in the Philippines here if you are interested in doing so. It is not necessary for you to be a resident of the Philippines in order to open a bank account there; doing so will not present you with any difficulties. If you want to open a bank account in the Philippines, you will not be required to pay any fees. They are willing to accept people into their system regardless of where they are from or what nationality they have, regardless of the background they come from or the country they come from anyway.

In addition to this, it is not difficult for them to open bank accounts, which is especially the case if they have money sent from outside the nation through OFW savings accounts or another method, such as PayPal or Payoneer, etc.

Conclusion

We really wish that you discovered this video to be enlightening and helpful in any way. We have gone through the many requirements that need to be met in order to open an Overseas Filipino Worker (OFW) Savings Account with Chinabank, as well as the processes that need to be carried out in order to accomplish this mission in the most effective way possible.

Chinabank has a significant internet presence in addition to its many physical branches that can be found all throughout the Philippines. We recommend that you conduct research on Chinabank’s website or get in touch with them directly in order to express your interest in creating an overseas Filipino worker savings account with the financial institution.

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CONTACT INFORMATION

Address: 8745 Paseo de Roxas, Makati, Metro Manila
Telephone Number: 28855555
Website: http://www.chinabank.ph/
Email: online@chinabank.ph
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